Practice Compliance anti-money laundering & counter-terrorist financing update

June 2017 implementation date

    26 June 2017 is the deadline for law firms to have their new anti-money laundering systems in place. There is no current suggestion of a phased approach to implementation and the potential repercussions are onerous including hefty fines or prison sentences.

    The proposed changes to the UK’s overall anti-money laundering and counter-terrorist financing regime is the most significant change to our anti-money laundering and terrorist finance regime in over a decade, bringing additional administrative requirements with which law firms will need to ensure compliance.

    At the time of writing, there’s no sign of the final regulations despite the fact that they’re due to be implemented in less than a month. It’s highly unlikely, at this late stage, that MLR 2017 will be deferred notwithstanding the distraction of a snap general election, as the deadline for implementing the EU Fourth Money Laundering Directive expires on 26 June.

    With Parliament dissolved on 3 May, we may not see the final regulations until late June.

    Is your firm ready? Don’t be caught out: download our guide which includes Lexis®PSL Practice Compliance Practice Notes based on the draft guidance.

    • Money Laundering Regulations 2017—what’s changed for law firms?
    • Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

    This complimentary content comes from our in-house technology experts and our legal experts from the Lexis®PSL Employment platform, which contains further practical information on the whole spectrum of employment law issues.

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